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June 30 deadline for digital banking submission to filter serious applicants, says KPMG

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The June 30 deadline for digital banking licenses submission could be an attempt by Bank Negara Malaysia to separate serious applicants from the crowd, said KPMG in Malaysia.

Its Financial Services Head, Adrian Lee said the focus to fulfil Bank Negara's mandate for financial inclusion would be a common starting point for applicants as banks and non-bank institutions vying for the licenses.

The challenge for applicants to demonstrate how their digital bank model will address the financial inclusion mandate also needs to be highlighted. From a purely commercial sense, there is a delicate balancing act between improving financial inclusion and business sustainability.

KPMG’s Financial Risk Management Head and Digital Banking Leader, Yeoh Xin Yi said the key was for digital banks to unravel the underlying reasons traditional financial institutions are prevented from serving certain customer segments.

Read the full article as published by New Straits Times.

© 2021 KPMG PLT, a limited liability partnership established under Malaysian law and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity.  Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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